Regulatory Alerts2020-09-07
Islamic Banking Services Guide
The Central Bank of Iraq’s Banking Supervision Department issued the 2020 Islamic Banking Services Guide to standardize regulatory compliance, operational frameworks, and Sharia principles across Iraqi financial institutions. The document mandates adherence to international standards set by AAOIFI, IFSB, and CIBAFI while detailing specific requirements for Murabaha, Ijarah, Salam, Istisna’, and sales contracts. It establishes clear reporting obligations, risk management protocols, and accounting treatments to ensure transparency and alignment with national economic policies.
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